ENPH
Enphase Energy, Inc.

Enphase Energy, Inc.ENPH

Technology · Solar
28.47USD
-1.73%
Nov 09, 2026
ENPH overview ready
Integrated Residential Solar-Plus-Storage Energy Platform Provider
ENPH is a direct residential distributed-energy-system vendor: its microinverters, batteries, controls, monitoring software, EV-charging products, and virtual-power-plant capabilities are designed to operate as an integrated home energy platform.
Primary theme is improving
Solar is improving (+15.0pp vs SPY over 21 sessions; 8 of 11 members ahead of SPY).
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Dependence on solar installation market growth and incentives.
Market Nov 6Filing Sep 30Price action Nov 8Research Jul 23

Conviction Level

PriceAction1.4BusinessPerformance2.0BusinessQuality7.8Valuation4.3ThemeMomentum7.0Weakening — Revenue fell 29% year over year in the latest quarter. Diluted EPS fell 66% year over year to $0.17. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
SolarImproving
vs SPY
+15.0pp
Theme return
+10.0%
Beating SPY
8 of 11
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$3.8B
Avg Volume (60D)
6.4M
60 sessions
Revenue Growth YoY
+10.7%
FY2025 vs FY2024
Gross Margin
+45.8%
Trailing twelve months
Operating Margin
+4.2%
Trailing twelve months
Free Cash Flow Yield
+3.6%
Distance from 200DMA
-30.2%
P/E
41.5x
EV / EBITDA
25.8x
EV / Sales
2.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Weakening

Revenue fell 29% year over year in the latest quarter. Diluted EPS fell 66% year over year to $0.17.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthDeclining
-29%
$293M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -10%
  2. -21%
  3. -20%
  4. -29%
Earnings growthDeclining
-66%
Diluted EPS $0.17 vs $0.50 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -36%
  2. n/a
  3. -3.6%
  4. -66%
Operating marginContracting
2.2%
-13.9 pp YoY · gross margin 43.3% (-4.5 pp)

Business Quality

7.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is fair.
Enphase Energy, Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

Company Research

Thesis
ENPH is a direct residential distributed-energy-system vendor: its microinverters, batteries, controls, monitoring software, EV-charging products, and virtual-power-plant capabilities are designed to operate as an integrated home energy platform.
Opportunity
Limited opportunity
Household adoption of rooftop solar, behind-the-meter batteries, intelligent controls, backup capability, EV integration, and grid-responsive distributed-energy systems.
Key risk
Dependence on solar installation market growth and incentives.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Solar
What they do

Enphase Energy designs, manufactures, and sells semiconductor-based microinverters and integrated home energy solutions combining hardware and software for residential solar photovoltaic systems.

How it earns

The company generates revenue primarily through transactional sales of energy hardware products and related accessories.

Products & services
Microinverters
IQ Battery
IQ PowerPack 1500
IQ Combiner
IQ Gateway
IQ Energy monitoring software
Customers & end markets
Residential solar homeowners
Solar installers and integrators
Market position

Leader in residential distributed energy systems with integrated hardware and software platform.

Demand drivers
Medium cyclicality

Demand is influenced by solar installation cycles, government incentives, and energy policy changes.